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News

The Money Statistics November 2016

£1.503 trillion The total outstanding lending to individuals topped one and a half trillion by the end of September

£1,036 The growth in private debt, including mortgages, for every UK adult

£247.10 The amount of this growth that is unsecured debt

1.656 million The number of people classed as unemployed between June and August

£4,090 The growth in public sector net borrowing every second in September

£20.5 billion The gross mortgage lending in September

3.5% The highest English annual regional rent increase in the South East

1% The lowest English annual regional rent increase in the North East

£3,252 The average amount households with mortgages pay in interest over a year

UK Personal Debt

People in the UK owed £1.503 trillionat the end of September 2016. This is up from £1.451 trillion at the end of September 2015 – an extra £1036.58per UK adult.

The average total debt per household – including mortgages – was £55,683 in September. The revised figure for August was £55,523.

Per adult in the UK that’s an average debt of£29,770in September – around 113.7%of average earnings. This is slightly up from a revised £29,685 a month earlier.

Based on September 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£51.135 billion.

That’s an average of £140 millionper day.

This means that households in the UK would have paid an average of £1,894 in annual interest repayments. Per person that’s £1,013 – 3.87% of average earnings.

According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt £94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).

Outstanding consumer credit lending was £188.7 billion at the end of September 2016.

This is up from £176.3 billion at the end of September 2015, and is an increase of £247.10for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,991in September, up from a revised £6,963 in August – and £462.19 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,737per UK adult. This is up from a revised £3,722 in August.

Total credit card debt in September 2016 was £65.7bn. Per household this is £2,434 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals by UK banks and building societiesrose by £4.7 billion in September 2016 – or£157m a day.